MIRA
INFORM REPORT
|
Report Date : |
26TH
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
RISHI
IMPEX |
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|
|
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Registered Office : |
105, DSIDC Okhla, Phase-1, New Delhi-110020,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR05261E |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Importer
and Trader of all kind of Raw Material for Shoe Industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
25000 |
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|
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|
Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed concern having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered/Head Office/Warehouse : |
105, DSIDC Okhla, Phase-1, New Delhi-110020,
India |
|
Tel. No.: |
91-11-26916587/26811668 |
|
Fax No.: |
91-11-26846525 |
PARTNERS
|
Name : |
Mr. H.
S. Sethi |
|
Designation : |
Managing Partner |
|
Address : |
341 Sector 15, Faridabad, Haryana, India |
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Date of Birth/Age : |
1937 |
|
Qualification : |
Engineer |
|
Experience : |
49 years |
|
|
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|
Name : |
Mrs.
S. K. Sethi |
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Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Importer
and Trader of all kind of Raw Material for Shoe Industry. |
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Exports to : |
Turkey |
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|
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Imports from : |
Hong
Kong, Taiwan, China and Italy |
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|
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Terms : |
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Selling : |
Cash
or Credit (30 days) terms |
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|
|
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Purchasing : |
Cash
or Credit (30/60 days) terms |
GENERAL
INFORMATION
|
Suppliers : |
v Cosmo Hong Kong
Limited, Hong Kong v Holthaus Italia Srpl,
Italy v Antonia Morcon De Blas,
Spain v YU Fong Technologies
Company Limited, China v Cosmo Korea Limited,
Korea v Arora & Company v Chen Bao Industrial
Company Limited v Excel Progress
International v First Flight Courier v Ghaziabad Organics
Limited v Keck Chimie v Lavanya Graphics v New Express Cargo v P G Enterprises v R K Bagga &
Associates v Sandhu Enterprises v Skyline Cargo Agents
Private Limited v World Mark Freight
Logistic |
|
|
|
|
Customers : |
Wholesalers
and Manufacturers v Liberty Shoes Limited,
India v M and B Footwear
Private Limited, India v Superhouse Leathers
Limited, India v Allied Exims, India v Lakhani India Limited,
India v Bawa Skin Company,
India v Accent Shoes Private
Limited v Anka India Limited v Bata India Limited v Classic Polymers v Decent Footwear Private
Limited v Delta Sole Private
Limited v Kanan Plastic Products
Private Limited v Liberty Shoes,
Gharounda v Liberty Shoes, Kutail v Mallcom India Limited v Mayur Uniquoters v S R S Plastic v Sumangalam Footwear
Limited v Vaishno India v Vidhata Plastic India
Private Limited v Walklite Footwear
Private Limited v Moja Shoes Private
Limited |
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No. of Employees : |
9 |
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|
|
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Bankers : |
v
Oriental
Bank of Commerce, Greater Kailash, Part-II, New Delhi-110048, India v
ABN
Amro Bank v
HDFC
Bank Limited |
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|
|
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Facilities : |
Secured
Loan From
Oriental Bank of Commerce (C C Limit) – Rs. 0.177 Millions Secured
against hypothecation of stocks and book debts From
ABN Amro Bank – Rs. 0.629 Millions Secured
against hypothecation of Toyota Car From
ABN Amro Bank – Rs. 0.093 Millions Secured
against hypothecation of Honda City Car From
HDFC Bank Limited - Rs. 0.298
Millions Secured
against hypothecation of Tata Indica Car Total
– Rs. 1.199 Millions |
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|
|
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Banking Relations : |
Satisfactory
|
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|
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Auditors : |
Bajaj
Ajay & Company Chartered
Accountant |
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|
|
|
Associates/Subsidiaries : |
v
Rishi
Overseas, India v
Yogi
Herbals, India |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
7.345 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
7.345 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
7.345 |
6.511 |
6.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
7.345 |
6.511 |
6.450 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.199 |
3.211 |
1.107 |
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2] Unsecured Loans |
5.973 |
0.225 |
0.942 |
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TOTAL BORROWING |
7.172 |
3.436 |
2.049 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.517 |
9.947 |
8.499 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.887 |
1.709 |
1.264 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
6.920
|
5.643 |
4.043 |
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|
Sundry Debtors |
9.527
|
5.415 |
4.462 |
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Cash & Bank Balances |
0.006
|
0.024 |
0.006 |
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|
Other Current Assets |
0.058
|
1.263 |
0.129 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total Current Assets |
16.511
|
12.345 |
8.640 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
3.395
|
3.805 |
1.191 |
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|
Provisions |
0.486
|
0.302 |
0.214 |
|
Total Current Liabilities |
3.881
|
4.107 |
1.405 |
|
|
Net Current Assets |
12.630
|
8.238 |
7.235 |
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.517 |
9.947 |
8.499 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
58.824 |
43.390 |
28.287 |
|
|
|
|
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Profit/(Loss)
Before Tax |
0.384 |
0.430 |
0.277 |
|
Provision
for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
0.384 |
0.430 |
0.277 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.65
|
0.99 |
0.97 |
|
|
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Net
Profit Margin (PBT/Sales) |
(%) |
0.65
|
0.99 |
0.97 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
2.08
|
3.05 |
2.79 |
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|
|
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Return
on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06 |
0.04 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.50
|
1.15 |
0.53 |
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|
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|
Current
Ratio (Current
Asset/Current Liability) |
|
4.25
|
3.00 |
6.14 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Air
Conditioners
v
Cars
v
Computer
v
EPABX
v
Fire
Extinguisher
v
Furniture
& Fixture
v
Generators
v
Invertor
v
Office
Equipment
v
Refrigerators
v
Scootor
v
UPS
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.34 |
|
UK
Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.57.96 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |